A 2 cc / 2 equip cost equipment that gives you two 0/2 defending tokens and boosts +2/+1. That's actually not a bad deal as non-busted 2 cost equipment go. Gums up the ground, small boost.

You misread slightly: it gives an opponent two 0/2 defending tokens, not yourself. In 1v1 that means you're going to have to put in some extra effort to transform it. In multiplayer EDH that means you help out someone else politically, then go after whoever you like.